New Delhi, December 18 (IANS). Gaurav Munjal-led edtech platform Unacademy has suffered a loss of Rs 285 crore in FY24. Earlier in FY23, the company had suffered a loss of Rs 1,592 crore.
The reason for reduction in losses is the reduction in the company’s expenses.
The company’s total expenses in FY24 stood at Rs 1,149 crore, which is 53.29 percent less than the FY23 figure of Rs 2,460 crore.
Unacademy’s employee expenditure declined by 69.47 per cent year-on-year to Rs 340 crore in FY24, which was Rs 1,114 crore in FY23.
The reason for the decline in the company’s employee expenses was the layoff of 250 employees in July and restructuring excise.
Apart from this, the company’s advertising expenditure has declined by 33 percent on an annual basis to Rs 201.3 crore, which was Rs 293.4 crore in FY23.
Other expenses, which include teacher fees, offline partner fees, payment gateway fees and write-off of property, plant and equipment, stood at Rs 762.5 crore in FY24, up from Rs 1,282 crore in the previous fiscal. Was Rs 9 crores.
However, the company’s expenditure on technical services has increased to Rs 297.7 crore in FY24 from Rs 283.6 crore in FY23.
Unacademy’s income from operations declined by 2.31 percent to Rs 716 crore in FY24, which was Rs 733 crore in FY23.
The company’s total income including other income in the last financial year was Rs 864 crore. It was Rs 869 crore in FY23.
Unacademy was founded in 2015 by Gaurav Munjal, Roman Saini, and Hemesh Singh.
Unacademy claims to have a network of 91,000 registered teachers and 99 million learners.
It serves students in more than 14 Indian languages. Apart from Unacademy, the group includes subsidiaries like Graphy, UnacademyX, NextLevel and Prepledger.
–IANS
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